 A petition for bankruptcy was filed against the firm soon afterwards by a group of suppliers at which time its liabilities where listed at about $300,000 and assets $100,000.Shale purchased the firm's assets and good will for $110,000 in 1927, and formed the Celco Corporation in New York., with headquarters in Norwalk and with himself as president, Earle D. Button treas, Walter A.Hall secretary.